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We have assembled a portfolio comprised of 18 premium luxury/full-service hotels, and two premium urban select-service hotels. Our portfolio is balanced between full-service business hotels, resorts and conference centers and urban select service hotels in prime markets that are attractive destinations for both groups and transient guests. Generally, we seek to acquire hotels that are priced below replacement costs and are located in markets with strong growth prospects and high barriers to entry.
From 2004 through early 2007, we were able to acquire
high quality urban and resort focused real estate in a very competitive real estate market. Since we completed our first acquisition in October 2004, we have acquired 21 premium hotels, 11 of which were acquired in off-market transactions. We intend to acquire additional hotels when we locate opportunities that meet our underwriting criteria. In December 2007, we sold one of our premium urban select-service hotels, the SpringHill Suites Atlanta Buckhead.
Many of our hotels present opportunities to increase profits through thoughtful asset management - including the implementation of value-add strategies such as brand conversion, capital improvement plans or market repositioning.
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Magnificent Mile
